Westlake Financial Services Adopts PointPredictive Auto Fraud Manager
Leading auto lender will leverage machine learning, predictive analytics, and nationwide data consortium to improve fraud detection and loan profitability
SAN DIEGO, Calif., October 30, 2018
PointPredictive Inc., the San Diego-based machine learning company, announces that Westlake Financial Services is its newest auto-lending client. As part of this relationship, Westlake will use the company’s scoring solution – Auto Fraud Manager – to identify misrepresentation and prevent default on high-risk applications while streamlining the approval of the lowest risk applications to improve the consumer and dealer experience.
Westlake selected PointPredictive after analyzing the results of their retrospective test and live pilot. “In our test with PointPredictive, we saw an added lift in identifying defaults tied to misrepresentation on top of our existing fraud scores and tools,” said Ian Anderson, Group President at Westlake Financial Services. “The PointPredictive machine learning approach to scoring risk and their unique data consortium is what separates them from the other solutions in the market.“
PointPredictive launched Auto Fraud Manager in February 2017 to help address the $6 billion- dollar annual problem of misrepresentation and fraud that plagues the auto lending industry. Auto Fraud Manager uses machine learning to mine historical data from applications across the industry to precisely pinpoint where fraud is happening. Over 60 million applications have been evaluated and scored by the system which is continuously learning new patterns as they emerge.
“PointPredictive is thrilled to be partnering with Westlake to help them better target fraud and misrepresentation that leads to losses,” says Tim Grace, CEO of PointPredictive. “As one of the fastest growing lenders in the nation, Westlake is always looking for ways to safely grow their business with minimal friction to borrowers and dealers. With Auto Fraud Manager, we can offer the precise scoring Westlake needs to achieve that delicate balance.”
For more information about leveraging Auto Fraud Manager or participating in the PointPredictive Auto Lending Fraud Consortium, contact info@pointpredictive.com.
About Westlake Financial Services.
About Westlake Technology Holdings: Westlake Financial Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $7.73 billion in assets under management. Westlake Financial Services originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Floor plan lines of credit are provided through Westlake Flooring Services; www.WestlakeFlooringServices.com, shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc, a Nevada Based auto lender, and indirect automotive leasing for credit unions through Credit Union Leasing of America (CULA), is a subsidiary of Westlake, dealers leads and direct-to-consumer auto loans through Westlake Direct, and direct to consumer title loans are through Westlake’s wholly owned subsidiary LoanCenter; www.loancenter.com.
About PointPredictive Inc.
PointPredictive Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the multi-billion-dollar fraud problems seen in auto lending, mortgage lending and online retail fraud. PointPredictive develops and applies the latest predictive scoring techniques, smarter science and business expertise that harnesses big data and analytic models. Located in San Diego, Calif., more information about PointPredictive can be found at www.pointpredictive.com.
